About: deficit

Brexit 19-07-2017

End to austerity? Poll gamble exposes rift in Britain’s ruling party

An early election was meant to bind the Conservatives to Theresa May's agenda for at least five years, but instead it has badly shaken the governing party with ministers questioning its seven-year pursuit of austerity.

Economy & Jobs 12-04-2017

Italy greenlights plan to cut deficit by €3.4 bn

Italy's debt-burdened government approved a package of economic reforms Tuesday (11 April) designed to cut €3.4 billion from its deficit this year, Prime Minister Paolo Gentiloni said, following pressure from Brussels.

Economy & Jobs 20-02-2017

Commission to warn Italy over rising debt

The European Commission will warn Italy on Wednesday (22 February) it could face EU disciplinary action for not reducing its huge public debt as required by EU laws, unless Rome delivers on deficit cutting measures as promised, an EU official said.

Euro & Finance 01-02-2017

Member states warn EU fiscal supervision ‘inadequate’

Rules to control national spending are “complex” and the current approach is “inadequate”, the chair of the EU Network of Independent Fiscal Institutions, José Luis Escrivá, said on Tuesday (31 January).

Euro & Finance 30-01-2017

Italy ups spending on earthquake clean-up, despite Commission deficit request

The Italian government will start to increase spending on emergency funds this week to deal with the earthquakes that have struck the country, independent of a European Commission request to reduce its structural deficit. EURACTIV’s partner Milano Finanza reports.

Elections 26-01-2017

French presidential hopeful says EU’s ‘3% public deficit dogma must end’

During a TV debate yesterday evening (25 January), both contenders for the Socialist ticket in the French Presidential election said they would loosen the country’s purse strings, with Benoît Hamon going a step further by promising to end the EU's “3% deficit dogma”. EURACTIV France reports.

Euro & Finance 09-12-2016

European Fiscal Board chief: Commission’s analysis ‘made a bit too quickly’

The new European Fiscal Board began working just as the European Commission took the unprecedented step of proposing a fiscal target for the eurozone. The Board’s chief, Niels Thygesen told EURACTIV.com that the Commission should have done “more analysis” before proposing an expansionist stance.

Brexit 23-11-2016

Brexit slams brakes on British growth

Brexit will cause Britain's economic growth to slow sharply and blow a hole in government finances that will require it to borrow an extra £122 billion [€143 billion] over five years, a gloomy budget update revealed today (23 November).

Euro & Finance 17-11-2016

Brussels makes timid fiscal push to reverse austerity, counter populist wave

The European Commission stepped up its efforts to leave austerity behind on Wednesday (16 November) by advocating for the first time a timid expansionary fiscal policy for the eurozone and forgiving Spain and Portugal for breaching EU budget rules.

Euro & Finance 09-11-2016

Italy and Spain: A tale of two deficits

While Italy has opted for a confrontational approach to clinch budget spending leeway from the European Commission, Spain is hoping that better-than-expected growth will placate EU demands.

Euro & Finance 04-11-2016

Guindos’ reappointment hailed by Eurogroup, Commission

EU officials in Brussels welcomed the confirmation of Luis de Guindos as Spain's economic affairs minister for a second term. The man is considered as an “extremely able” envoy of the Madrid government.

Euro & Finance 04-11-2016

Spain’s Rajoy appoints EU-friendly Cabinet

Spain's leader Mariano Rajoy, starting a second term after months of political paralysis in his country, formed a new cabinet last night (3 November) that looks set to maintain controversial economic reforms and cement EU ties.

Euro & Finance 06-10-2016

Parliament secures extra time for Portugal and Spain before freezing EU funds

The European Parliament gave some leeway to Spain and Portugal on Thursday (6) before an expected suspension of EU funds takes place, as MEPs decided to continue their assessment by calling their finance ministers

Euro & Finance 04-10-2016

MEPs oppose ‘immoral’ suspension of EU funds for Spain and Portugal

A broad majority of MEPs spoke against freezing EU funds for Spain and Portugal at a European Parliament session late on Monday (3 October), saying such a decision would be “immoral”, “unfair”, “counterproductive” and even “illegal”.

Euro & Finance 12-09-2016

ECB warns against weak application of deficit rules

The ECB issued a strong warning to the EU institutions on Friday (9 September) about the “long-term consequences” of poor implementation of the fiscal rules, in the aftermath of the partial pardons given to Spain and Portugal, after they missed their deficit targets.

Euro & Finance 08-09-2016

Brussels willing to grant Spain more time to submit fiscal measures

EU officials have responded with a conciliatory tone to Spain’s difficulties in meeting agreed fiscal targets as new elections loom in December to break the ongoing political stalemate.

Euro & Finance 31-08-2016

Spain risks third election in one year, endangering eurozone

Spain's caretaker Prime Minister Mariano Rajoy yesterday (30 August) urged lawmakers to back him for a second term, arguing ahead of a confidence vote which he appears set to lose that the country "urgently" needs a government.

Elections 19-08-2016

Rajoy says ready for confidence vote on forming government

Spain's acting prime minister Mariano Rajoy, bidding to end an eight-month political stalemate, said yesterday (18 August) he was ready to face a confidence vote on forming a new government after agreeing terms for a pact with centrist rivals.

Euro & Finance 28-07-2016

Commission split on credibility of rules as Spain and Portugal get ‘pardon’

A strong group of commissioners was in favour on Wednesday (27 July) of imposing at least a symbolic fine on Spain and Portugal for breaching the Stability and Growth Pact, but Jean-Claude Juncker opted for a zero penalty - supported by German Finance Minister Wolfgang Schauble.

Euro & Finance 27-07-2016

Canary Islands ask for exemption from Spanish deficit fines

The president of the Canary Islands has asked for the archipelago to be excluded from any potential suspension of European regional funds on account of Spain's failure to sufficiently cut its deficit. EURACTIV Spain reports.

Euro & Finance 27-07-2016

Italy and Spain test EU’s ‘intelligent’ use of economic rules

The European Commission is expected to fine Spain on Wednesday (26 July), but it will give two extra years to Madrid to adjust its budget - while the commissioners pledge a solution for Italian banks that will protect small investors.

Euro & Finance 21-07-2016

MEPs step in to ease sanctions over deficit rules

The European Parliament’s intervention “would benefit” Spain and Portugal, as they face the freezing of millions in EU funds for having breached fiscal rules, sources told EURACTIV.com.

[EU Council Eurozone/Flickr]
Euro & Finance 18-07-2016

Spain and Portugal pledge new measures to avoid EU deficit fines

Both Spain and Portugal have submitted their arguments to the European Commission in a bid to avoid penalties for breaching the fiscal rules, expected to be announced on 27 July.

Euro & Finance 12-07-2016

Commission threatens Spain and Portugal with fines

The EU threatened Spain and Portugal Tuesday (12 July) with huge fines for failing to fix years of high deficits, in the first time Brussels has wielded its disciplinary powers over member states' budgets.